With the use of cutting-edge educational technology, medical simulation is the latest teaching method for healthcare workers. It is a cutting-edge approach to instructing and preparing healthcare workers. By enhancing patient safety and decreasing staffing expenses through shorter training periods and lower staff turnover, simulation contributes to lower health care expenditures. Additionally, there are a variety of alternative approaches that can be used in medical simulation for thorough and effective training as well as safer patient care. The integration of the health system into research, education, and patient safety are the four main goals of healthcare simulations, which can also be considered to have four main functions.
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Market Statistics:
The Global Medical simulation Market is estimated to account for US$ 1,918.6 Mn in terms of value by the end of 2022.
Drivers:
The world market for medical simulation is anticipated to develop over the forecast period due to an increase in simulation use in healthcare. Using cutting-edge educational technology, medical simulation is one example of a modern training method for healthcare practitioners. A new, high-fidelity hysteroscopy simulator called HystAR was introduced in January 2022 by Inovus Medical. In order to provide extremely realistic, scalable, tracked hysteroscopy skills training, the simulator integrates the company’s patented augmented reality (AR) technology, cloud-based learning platform, and simulated tissue models’ natural haptics.
Opportunities:
For the industry participants in the worldwide medical simulation market, the need for simulation education is projected to give considerable potential aspects. One effective way is to close the gap between theory and practical performance in medical education with the help of simulation. The simulation based medical education programme DAMS-SIM was introduced at Delhi Centre in April 2022 by the Delhi Academy of Medical Science (DAMS). In addition for beginners, intermediate and advanced professionals to learn and develop skills without endangering the patient’s life, the academy aspires continuing providing simulation based education with the concentration on structured, learner centred settings. DAMS is on a mission to ensure that every medical student, regardless of location or college, has the opportunity to learn from the finest.
Restraints:
The worldwide medical simulation industry is likely to be hampered by the high cost of medical simulators, security worries, and a lack of qualified personnel. For instance, a contemporary method of educating and training healthcare personnel is medical simulation. It lowers medical expenses by raising patient safety. But the cost of a human patient simulator typically ranges from US$ 10,000 to US$ 100,000 depending on the model, the brand, the features, and the additional support services that are included. Thus, a medical simulation requires a substantial investment in addition to the demand for qualified specialists, which is anticipated to impede market growth.
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Global Medical Simulation Market – Impact of Coronavirus (Covid-19) Pandemic:
Since the COVID-19 pandemic, simulation-based learning has become more and more common in healthcare education. In many medical institutes, medical simulation has been essential in combating the pandemic. The United States National Library of Medicine claims that simulation has helped to improve protocols, identify safety flaws, allow practise modifications, and train healthcare personnel who have been redeployed into new jobs. To put it briefly, simulation has been crucial to the institution’s reaction to the COVID-19 outbreak. As a result, medical simulation has been used in healthcare more and more during the pandemic, driving industry expansion.
Global Medical Simulation Market Key Takeaways:
The worldwide medical simulation market was estimated at US$ 1,712.0 Mn in 2021 and is projected to reach a value of US$ 3,864.2 Mn by 2028 at a CAGR of 65.9% between 2022 and 2028.
Among product and services categories, the goods segments dominated the worldwide medical simulation in 2020, holding a 65.9% value share. Increasing product approval and the introduction of new products are projected to drive the segment expansion in projected period.
Market Trends:
The use of medical simulators, particularly cardiac simulator, is expanding quickly due to rise in chronic diseases, such as cardiovascular diseases (CVDs), around the world. Globally the major cause of death and disability are chronic diseases including cancer and cardiovascular diseases. The WHO estimates that 17.9 million people worldwide die from CVD each year, making them the leading cause of death each year. The demand for the cardiac simulator is therefore rising along with the prevalence of CVDs. During the time of projected period, this tendency is projected to persist, driving the market expansion.
Competitive Landscape:
Top players working in the global medical simulation market are Gaumard Scientific Company Inc., 3D Systems, Canadian Aviation Electronics, Laerdal, Kyoto Kagaku Co. Ltd., Limbs & Things, Mentice AB, Simulab Corporation, Simulaids Inc., Nasco, and others.
Recent Developments:
In January 2020, the CAE Vimedix 3.0 ultrasound simulator, which offers VR and 3D/4D ultrasound images of the heart, was released according to CAE healthcare.
In January 2018, the paediatric HAL 52225 a cutting edge wireless and tetherless mobile paediatric patient simulator, was introduced by Gaumard Scientific Company.
Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Products and Services
- Market Snapshot, By Technology/Fidelity
- Market Snapshot, By End User
- Market Snapshot, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Rising concerns over patient safety
- Security concerns and high cost of simulators
- Increase in the use of simulation in healthcare
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
- Global Medical Simulation Market – Impact of Coronavirus (COVID-19) Pandemic
- COVID-19 Epidemiology
- Supply Side and Demand Side Analysis
- Economic Impact
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